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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 45 Chapter 5 Assets

involving more than one person does not apply if the other persons involved in the Plan are members of the AG. SSI Medicaid Groups: The amount counted is the total cash value of the account or plan, minus the amount of the penalty, if any, that would be applied for the early withdrawal of the entire amount. Pensions or other retirement funds of spouse’s ineligible to be included in the SSI Medicaid Group category because they are not aged, blind, or disabled are not deemed, nor are those belonging to parents or spouses of parents. Once removed from the pension or retirement account, the fund(s) is counted according to the policy for the asset to which it is converted (e.g., bank account, CD). 5.5.36 PRODUCE AND LIVESTOCK FOR HOME CONSUMPTION

5.5.37 PROMISSORY NOTES The outstanding principal balance of a promissory note is not an asset. WV WORKS, AFDC-Related and SSI Medicaid Groups: The outstanding principal balance in the month eligibility is determined is an asset, unless the client submits verification of a legal bar to the sale of the agreement or an estimate from a knowledgeable source that shows the CMV of the agreement is less than the outstanding principal balance. Knowledgeable sources include anyone in the business of making such estimates, including, but not limited to, banks or other financial institutions, private investors, and real estate brokers. The estimate must show the name, title, and address of the source. See Section 24.8.2 for promissory notes as a possible transfer of resources for long term care. SNAP WVW, AFDC-Related SSI Groups No No No SNAP WVW, AFDC-Related SSI Groups No Yes * Yes *